The Demand Forecasting, A Comparative Review of Conventional and Non-Conventional Techniques

Since the inception of competitive markets, demand forecasting has gradually become a fundamental proc ess for all types of the industry’s decision making mec hanisms. Over the years, the bulk of research was fo cussed on the identification of pattern in previous demand data o f the product. However, with evolving technologies an d phase of open markets, demand of any product has witnessed th e effect of increasing uncertainty. Academics and pr actitioners have come to understand that probabilistic and arti ficial intelligence based non-conventional methods of forecasting are now more important for planning and operations t han ever before. With this paper, we offer a compari son of conventional methods and non-conventional models of di ferent forecasting related parameters which help s in understanding the importance of advanced methods in the modern competitive scenario.